Finland-based stainless steel producer Outokumpu has announced that it has signed an agreement to acquire a 20 percent stake in Sweden-based biocarbon producer Envigas AB in line with its strategy to strengthen the supply chain of sustainable raw materials for the future.
Envigas AB aims to expand its Skellefteå plant’s production capacity by 25,000 mt by the end of 2026 and Outokumpu has agreed to invest €9.9 million in the company. With the investment, Outokumpu secures a right to 50 percent of Envigas’ production.
The company aims to reduce carbon emissions by 42 percent by 2030 compared to 2016 and to decarbonize its stainless steel production by switching from the use of fossil raw materials to biomass-based alternatives.